Financial Data and Key Metrics Changes - Year-to-date software subscriptions and service bookings for the 9 months ended September 30 were approximately $2.2 million in 2024, a nearly 300% increase from approximately $600,000 in 2023 [21] - Net revenues for Q3 2024 totaled approximately $665,000, down from approximately $1.3 million in Q3 2023, with 2023 benefiting from a contract breakage fee [21] - Gross margin for the 9 months ended September 30 was approximately 51% in 2024, up from approximately 32% in 2023 [22] - Non-GAAP adjusted EBITDA loss was approximately $2.9 million in Q3 2024, an improvement from a loss of approximately $3.3 million in Q3 2023 [24] - Net loss from continuing operations for Q3 2024 was approximately $2.8 million or $0.25 per share, compared to a net loss of approximately $13.7 million or $5.72 per share in Q3 2023, reflecting a 96% improvement [24] Business Line Data and Key Metrics Changes - Total operating expense was approximately $3.5 million for Q3 2024, down from approximately $4.9 million in Q3 2023, excluding a $9 million goodwill impairment expense in Q3 2023 [23] - Year-to-date net revenues for the 9 months ended September 30 were approximately $2.6 million in 2024, compared to $3.9 million in 2023 [21] Market Data and Key Metrics Changes - The company remains debt-free with approximately $35.6 million in cash at the end of Q3 2024, which increased due to the utilization of the at-the-market equity program [26] - As of November 6, 2024, the company had approximately $100 million in cash and cash equivalents, significantly boosted by the ATM equity program [27] Company Strategy and Development Direction - The company aims to leverage mobile devices as a foundation for AI-driven personalized engagement, focusing on merging mobile technology with generative AI [6][8] - A next-generation AI-driven SaaS platform is anticipated to launch in mid-2025, designed to democratize mobile app creation [11] - The company is focused on scalable modular frameworks that integrate with existing platforms to support high-value customer engagements across various industries [15] Management's Comments on Operating Environment and Future Outlook - Management emphasizes the importance of fiscal responsibility and efficient capital use to ensure long-term value for shareholders [16] - The company sees itself as a leader in the rapidly expanding generative AI market, aiming to redefine how businesses and governments engage with customers and citizens [17] - Management acknowledges the challenges of building from the ground up but believes in the potential of generative AI and localized solutions for enterprise and federal government contracts [56][57] Other Important Information - The company is actively seeking to strengthen its team to align with its strategic direction, including the search for a new CFO [18] - The company has a robust pipeline of potential clients ready to engage with its AI-powered solutions for civic engagement [49] Q&A Session Summary Question: Plans around the SaaS platform launch - Management indicated that the SaaS platform is an evolution of existing capabilities, focusing on automating app creation processes [30][32] Question: Growth strategy and potential acquisitions - Management expressed a judicious approach to growth, focusing on organic scaling of the SaaS platform and potential acquisitions that align with their strategic goals [33][34] Question: Revenue visibility and future business outlook - Management acknowledged the current revenue base is low but sees opportunities in generative AI and enterprise engagements, emphasizing a long runway for growth [56][58] Question: Focus on U.S. vs. international opportunities - Management confirmed a primary focus on the U.S. market initially, with plans to explore international opportunities in the future [61] Question: Digital advertising opportunities - Management highlighted the importance of digital advertising as a revenue source and is focused on enhancing productivity through internal generative AI tools [65][70]

Phunware Reports Third Quarter 2024 Financial Results AUSTIN, Texas, November 7, 2024 (GLOBE NEWSWIRE) -- Phunware, Inc. ("Phunware" or the "Company") (NASDAQ: PHUN), a leader in enterprise cloud solutions for mobile applications, announces its financial results for the quarter ended September 30, 2024. Financial Highlights ● Steady progress in reducing net loss; Net loss from continuing operations was $2.8 million, or ($0.25) per share, for Q3 2024, as compared to a net loss of $13.7 million, or ($5.72) pe ...

AUSTIN, Texas, Nov. 07, 2024 (GLOBE NEWSWIRE) -- Phunware, Inc. (“Phunware” or the “Company”) (NASDAQ: PHUN), a leader in enterprise cloud solutions for mobile applications, announces its financial results for the quarter ended September 30, 2024. Financial Highlights Steady progress in reducing net loss; Net loss from continuing operations was $2.8 million, or ($0.25) per share, for Q3 2024, as compared to a net loss of $13.7 million, or ($5.72) per share, for Q3 20231Net cash used in operating activities ...

Accomplished Public Company Executive at Leading Fortune 500 and Silicon Valley Technology Companies Brings Growth, Turnarounds, and Innovation Expertise AUSTIN, Texas, Nov. 05, 2024 (GLOBE NEWSWIRE) -- Phunware, Inc. (Nasdaq: PHUN), a leader in cloud enterprise solutions for mobile applications and related enterprise technologies, today announced the appointment of Rahul Mewawalla, who has served as a director of the company since October 2021, as Chairman of the Board, effective immediately. As Chairman, ...

AUSTIN, Texas, Nov. 04, 2024 (GLOBE NEWSWIRE) -- Phunware, Inc. (NASDAQ: PHUN), a leader in enterprise cloud solutions for mobile applications, announced that it signed a term sheet, in conjunction with other parties, to acquire a controlling interest in MyCanvass, LLC, which is currently indirectly majority owned and controlled by Campaign Nucleus, a SaaS platform company founded by Brad Parscale, for a mix of cash and Phunware stock having an aggregate value of $1.02 million. Mr. Parscale is known for his ...

AUSTIN, Texas, Oct. 24, 2024 (GLOBE NEWSWIRE) -- Phunware, Inc. (NASDAQ: PHUN), a leader in cloud enterprise solutions for mobile applications and related technologies, announced today that Michael Snavely, CEO of Phunware, has retired and resigned from Phunware. Stephen Chen, former Chairperson of the Phunware Board of Directors, has assumed the role of interim CEO of Phunware, effective October 22, 2024. "We appreciate Mike's dedication and service to Phunware and wish him much success in the future," sai ...

AUSTIN, Texas, Oct. 21, 2024 (GLOBE NEWSWIRE) -- Phunware, Inc. (“Phunware” or the “Company”) (NASDAQ: PHUN), a leader in enterprise cloud solutions for mobile applications, announces that CEO Michael Snavely will present a corporate overview at the LD Micro Main Event XVII. The investment conference is being held on October 28 – 30, 2024 at the Luxe Sunset Boulevard Hotel in Los Angeles.         Event:LD Micro Main Event XVII  Presentation Date:Wednesday, October 30, 2024  Time:11:30 AM PT (Track 3)  Regis ...

AUSTIN, Texas, Oct. 17, 2024 (GLOBE NEWSWIRE) -- Phunware, Inc. (NASDAQ: PHUN) ("Phunware" or the "Company"), a leader in cloud enterprise solutions for mobile applications and related technologies, will introduce a fully-customizable and configurable mobile solution for events during The Hospitality Show in San Antonio, October 7-10. Members of Phunware's executive and sales teams will be onsite and exhibiting its mobile hospitality solution at the Henry B. González Convention Center, Booth #139. Phunware' ...

Company Overview - Phunware (PHUN) shares increased by 14.7% to $5.39 in the last trading session, with a notable trading volume, and have gained 37.8% over the past four weeks [1] - The company is experiencing strong customer retention and increased bookings, particularly in the hospitality and healthcare sectors [1] Earnings Expectations - Phunware is expected to report a quarterly loss of $0.26 per share, reflecting a year-over-year change of +89.6%, with revenues projected at $1.4 million, down 49.8% from the previous year [2] - The consensus EPS estimate for Phunware has remained unchanged over the last 30 days, indicating that stock price movements may not sustain without trends in earnings estimate revisions [3] Industry Context - Phunware operates within the Zacks Internet - Software industry, which includes other companies like Snowflake Inc. (SNOW) [3] - Snowflake's consensus EPS estimate for its upcoming report is $0.15, representing a -40% change from the previous year, and it also holds a Zacks Rank of 3 (Hold) [4]

Phunware Announces Next Generation AI-Driven SaaS Platform Targets expansion into the Global Mobile App Market expected to exceed $420 Billion by 2028 AUSTIN, Texas, Oct. 16, 2024 (GLOBE NEWSWIRE) -- Phunware, Inc. (NASDAQ: PHUN) ("Phunware" or the "Company"), a leader in cloud enterprise solutions for mobile applications and related technologies, today issued a letter to stockholders from Mike Snavely, the Chief Executive Officer of Phunware, providing an update on Phunware's existing and new business unit ...